Simon Property Group, the largest owner of shopping malls in the nation, reported strong results for the last quarter and year, defying the belief by some that malls are failing as consumers increasingly shop online.

The company said net income rose to $571.1 million or $1.84 per diluted share in the last quarter, up from $394.4 million or $1.26 per share in the same period the previous year. For all of 2017, net income increased to $1.94 billion or $6.24 per diluted share, up from $1.83 billion or $5.87 per share in 2016.

“We had a strong fourth quarter concluding another year of industry-leading growth with record earnings and dividends for our company,’’ said David Simon, Simon’s chairman and CEO in a statement. “In 2017, we opened five new centers, delivered six significant property transformations and expansions and completed several major financing transactions that further enhanced our strong balance sheet.’’

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Time

The shopping mall sector has struggled as department store chains like Macy’s, J.C. Penney and Sears have shuttered hundreds of locations, stripping the centers of their traditional anchors, and consumers have increasingly turned to e-commerce sites like Amazon to buy and browse. Credit Suisse had predicted that up to a quarter of the nation's 1,211 malls could shut their doors by 2022.

But higher end shopping centers, and those reinventing themselves with new attractions and experiences, are continuing to thrive. Simon’s occupancy rate was 95.6% as of Dec. 31, and the company has been able to boost its base minimum rent 2.9% as compared to the previous year.

The company paid a record dividend last year of $7.15 per share, and projects that its strong financial performance will continue, expecting net income for 2018 to be between $6.90 to $7.02 per diluted share.